Chinese President Xi Jinping and U.S. President Donald Trump have struck an agreement to hold off on adding additional tariffs on each other’s goods after January 1, as talks continue between both countries.
“President Trump has agreed that on January 1, 2019, he will leave the tariffs on $200 billion worth of product at the 10 percent rate, and not raise it to 25 percent at this time,” a statement from the G20 Summit in Argentina read. Over the next 90 days, American and Chinese officials will continue to negotiate lingering disagreements on technology transfer, intellectual property, and agriculture.
“Both parties agree that they will endeavor to have this transaction completed within the next 90 days. If at the end of this period of time, the parties are unable to reach an agreement, the 10 percent tariffs will be raised to 25 percent,” the statement added.